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Products from agriculture, livestock and fisheries increased by 11.1% compared to a year ago
Oil prices fell, industrial products fell 0.9% over the previous year
Last month, the rate of increase in consumer prices registered 0.6%, remaining at the 0% level for the second consecutive month. With the spread of the new coronavirus infection (Corona 19), consumption has decreased and the price trend continues.
As the effect of the support for communication costs included in the 4th supplementary (additional) budget was reduced, the decline in public service prices decreased and the prices of agricultural products increased due to the base effect last year. According to the “November Consumer Price Trend” published by the National Statistical Office on the 2nd, the consumer price index last month was 105.50 (2015 = 100), up 0.6% from a year ago.
Compared to the same month of the previous year, the rate of increase in consumer inflation remained at 1% for 3 consecutive months since January (1.5%) this year, and then dropped to 0% in April (0 , 1%), then negative inflation in May (-0.3%). Registered. After showing a flat rate in June (0.0%), it increased for the fifth month since July (0.3%). In September (1.0%) it recorded a 1% increase, but since October (0.1%) it fell to 0%.
Ahn Hyeong-joon, an examiner of statistics on economic trends at the Statistical Office, said: “With the effect of support for communication expenses disappeared, the extent of the decline in public services has decreased and the prices agricultural products have increased due to the base effect of low prices of agricultural products due to good weather conditions last year. ” As oil prices continued to fall, inflation continued, “he explained.
Agricultural, livestock and aquatic products increased by 11.1% compared to a year ago. Due to shipments of cabbage, radishes and seasonal fruit in the fall, the rate of increase in vegetable prices was only 7.0%, down from the previous month (20.2%). However, due to the base effect of last year’s limited price hike, agricultural commodity prices increased by 13.2% compared to a year ago, raising the overall price by 0.54 percentage points (p) .
Due to the increase in prices for pork (18.4%) and domestic beef (10.5%), livestock prices also increased by 9.9% compared to a year ago. Fishing increased by 6.1% compared to a year ago.
Industrial products decreased by 0.9% compared to the previous year. Processed foods increased 1.6%, but petroleum products decreased 14.8%. Petroleum products have fallen sharply in the five months since June this year (-15.4%). With the cost of city gas (-10.3%) and district heating (-2.6%) falling, the prices of electricity, water and gas also decreased by 4.1% compared to a year ago.
Deputy Ahn said: “There is a month delay in the impact of international oil prices on the domestic market, but there is a possibility that the price of oil will rise in December,” he said.
Service prices have risen by 0.4% compared to a year ago. Public utilities fell by 2.0%, contributing 0.28% p to the overall price decline. The decline continued as support for telecommunication expenses of affordable phones through the 4th supplemental budget was reflected up to this month. However, the decline was more contained than in October (-6.6%), when support for telecommunication expenses concentrated.
Personal service increased by 1.3%, but meal out prices only increased by 0.9% due to the Corona 19 third spread. In the same month, the rate of increase was 2-3% in the previous years, but the rate of rise in food prices slowed with the increase in domestic food consumption due to the social distancing caused by Corona 19.
The price of living index, which represents the perceived price of 141 items with a high percentage of purchases and expenses, fell 0.1% from a year ago. After last October (-0.7%), it remained in the downtrend for the second consecutive month.
The fresh food index, which reflects the prices of 50 items such as fish, seafood, vegetables and fruit, whose prices vary according to weather conditions or seasons, increased by 13.1% over the same period of the year. ‘Last year. After August (15.8%), September (21.5%) and October (19.9%), it recorded a double-digit increase for the fourth consecutive month.
Excluding inflation due to seasonal factors or temporary shocks, the oil and agricultural product exclusion index (price at root), prepared to identify long-term trends, increased by 1.0% over one year does. It has returned to the 1% level in 1 year and 4 months since last July (1.0%).
The food and energy exclusion index, which underpins the standards of the Organization for Economic Cooperation and Development (OECD), only increased by 0.6% from the previous year.
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